February 19, 1998

Media Advisory - Public Stock Offering

Grand Rapids, MI., February 19, 1998 - Steelcase Inc. went public on the New York Stock Exchange yesterday in a $340.2 million offering by existing shareholders of the company's common stock. The selling shareholders floated 12,150,000 shares, approximately 10 percent of those outstanding, to fund charitable trusts.

Approximately 15,000 Steelcase employees have each been given 10 shares of company stock, as well as the option to buy an additional 100 shares at $23.80, 15% below the initial public offering price.

Founded in 1912 in Grand Rapids, Michigan, Steelcase is the world's leading designer and manufacturer of office furniture with operations throughout the world.


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